In this rapidly changing world of technology, core HR software market is projected to show major growth prospects during the forecast period. Core HR software has gained major traction due to the increasing need for automation in managing and handling documents and other business processes.
As compared to other regions, the core HR software market in North America is expected to witness significant growth and dominate the market share during the forecast period. U.S and Canada are anticipated to drive the growth of core HR software market. This is owing to the presence of large number of emerging players and increasing startups in that region. In addition to this, the region also has a well-established economy which had led to rapid adoption of core HR software. Increasing number of smartphone users and adoption of advanced technologies is another reason for the growth of core HR software market.
The Core HR Software market is growing rapidly over 9% of CAGR and is expected to reach at approx. USD 11 billion by the end of forecast period.
Observing the market structure, this report assays the future growth potential of the market. It observes the strategies of the key players in the market and follows the competitive developments like joint ventures, new product developments, mergers and acquisitions, research and the developments (R & D) in the market. The most important factor leading to the growth of the core HR software market is rapid growth in the cloud and mobile deployment. Other important factors aiding growth include increasing automation in the field of HR and rising demand for the automated HR processes by small and medium enterprises who have a tight budget.
The global core HR software market has been segmented on the basis of the component, deployment, vertical, and lastly region. The components have been further segmented into software and services. Softwares have been sub-segmented into benefits & claim management, compliance management, learning management, payroll & compensation management, pension management, personnel management, and others. Services have been further segmented into consulting services, integration services, and maintenance & support. Deployment based-segmentation of this market covers cloud deployment and on-premise deployment. Cloud deployment is defined as a specific type of cloud environment being distinguished primarily on the basis of ownership, size, and access. Cloud softwares are on the cloud, accessed via a browser. On-Premise deployment is a scenario where the softwares are installed locally in the computers kept in the premise of office. On the basis of vertical, the market has been segmented into Banking, Financial Services and Insurance (BFSI), government, healthcare, Information Technology (IT) & telecommunication, retail, and others.
The regional segmentation of the global core HR software market segments the market into continent-based regional markets namely Asia Pacific, North America, Europe, and Rest of the World (RoW). According to the report, North America holds the largest share of the market due to technical advancements and rapid growth in the use of HR software in that region. In this region, the most important country-specific markets are the United States of America (USA) and Canada. Many key players in the market are based in the USA. The report projects the Asia Pacific to grow at the fastest rate during the forecast period. Some countries of Asia Pacific are becoming technologically advanced. In this region, the vital country-specific markets are China, India, and Japan. Europe has a high density of population and some strong economies like France, Germany, and the United Kingdom (UK) that make it a lucrative market.
The key players in the global core HR software market include Automatic Data Processing (USA), Ceridian HCM, Inc. (the USA), CoreHR (Ireland), Employwise (India), IBM Corporation (USA), Oracle Corporation (USA), Paychex, Inc. (the USA), Paycom Software, Inc. (the USA), Sap SE (Germany), and Workday, Inc. (USA).
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